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Everything You Need To Know Before Becoming Your Own Boss

Sick of the daily grind? For more and more people these days, the prospect of becoming your own boss is a very attractive one. After a while, many of us start to feel beaten down by the corporate structure that appears in many modern businesses. After all, most of us enter a kind of professional hierarchy the minute we set foot in a school aged 4 – it’s only natural to want to break free of that at some point. Plus, you might want a little more freedom than the average 9-5 can give you, whether that’s for personal or professional reasons (you might have a side hustle, for example). But before you quit your job in a dramatic fashion with the intention of starting to work for yourself, there are a few things you will need to consider.

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Will you be productive enough?

Even though you might hate your boss with a passion, stop for a moment and consider their role in relation to you. Sure, you might feel that they are overbearing, but do they actually make you get stuff done? Sometimes a boss who cracks the whip a little can actually help to bring out the best in you, even if you don’t see it that way at the time. It can be tricky to motivate yourself without that external pressure, so you will need to find ways to keep your productivity levels up without the help of someone else. Try setting yourself a schedule and sticking to it, with a start and finish time and a regular lunch break. You might also want to consider renting out some office space if you can’t see yourself working well from home. Many places in major towns and cities now offer a ‘co-working’ environment, which gives you the added benefit of working alongside other people without the office politics you can get with actual colleagues. But if you do decide to work from home, make sure you have a designated working space. No matter how much you think you’ll be able to work from your bed, it never works out like you think it will!

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Do you know how to keep on top of the things that matter?

When you start running your own business, or freelancing, it can be easy to get swept up in the fun, creative side of things rather than being business-minded. Not every single person is blessed with a business brain, and that’s okay – after all, we all have different strengths that we need to play to. But there are certain things you simply need to be on top of if you want to make freelancing work for you. An example of this is looking after your accounts. If you don’t feel confident tracking your spending yourself, you may want to contact a company such as Atkinsons.  Hiring an accountant might seem like a big step, but it can save you a lot of time and stress if finances aren’t your thing. You should be able to claim on things that involve the everyday running of your business, such as equipment, paper, and energy if you rent an office. You will also need to be willing to play a lot of roles as a freelancer/small business owner. You will need to be your own CEO, your own HR department, your own logistics manager and be able to do all your own marketing. So make sure you are well versed in all of these roles before you make any drastic decisions.

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Is your business viable?

One of the problems with being in a job that you don’t like is that the grass always looks greener on the other side. The idea of being in charge of your own business in your own time might seem like a dream, but if the cash flow isn’t there then the dream can easily die. Yes, you need to enjoy what you do, but you also need to make money too. Before you decide to leave your current position, draw up a business plan and make sure you have some money in the bank to support yourself should anything go wrong. You might even have to get a part time job just to bring in a bit of money while you business starts to get off the ground, especially if you have a family to support. If you can, show your business plan to a seasoned professional and never be afraid to ask for help – after all, everyone has to start somewhere. Working for yourself can be a dream come true for many, so make sure you take the time to get it right.